BJP MLA questions Virat Kohli's patriotism for marrying in Italy

May 11: Saudi Arabia will triple its value-added tax rate and suspend a cost of living allowance for state workers, it said on Monday, seeking to shield finances hit by low oil prices and a slump in demand for its lifeline export worsened by the new coronavirus.

Historic oil output cuts agreed by Riyadh and other major producers have given only limited support to prices after they sank on oversupply caused by a war for petroleum market share between the kingdom and its fellow oil titan Russia.

Saudi Arabia, the world's largest oil exporter, is also being hit hard by measures to fight the new coronavirus, which are likely to curb the pace and scale of economic reforms launched by Crown Prince Mohammed bin Salman.

"The cost of living allowance will be suspended as of June 1, and the value added tax will be increased to 15% from 5% as of July 1," Finance Minister Mohammed al-Jadaan said in a statement reported by the state news agency. "These measures are painful but necessary to maintain financial and economic stability over the medium to long term...and to overcome the unprecedented coronavirus crisis with the least damage possible."

The austerity measures come after the kingdom posted a $9 billion budget deficit in the first quarter.

The minister said non-oil revenues were affected by the suspension and decline in economic activity, while spending had risen due to unplanned strains on the healthcare sector and the initiatives taken to support the economy.

"All these challenges have cut state revenues, pressured public finances to a level that is hard to deal with going forward without affecting the overall economy in the medium to long term, which requires more spending cuts and measures to support non-oil revenues stability," he added.

The government has cancelled and put on hold some operating and capital expenditures for some government agencies, and cut allocations for some reform initiatives and projects worth a total 100 billion riyals ($26.6 billion), the statement said.

Central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, while oil revenues in the first three months of the year fell 24% from a year earlier to $34 billion, pulling total revenues down 22%.

"The reforms are positive from a fiscal side as greater adjustment is essential. However, the tripling of VAT is unlikely to help that much in 2020 revenue wise with the expected fall in consumption," said Monica Malik, chief economist at Abu Dhabi Commercial Bank.

She said she kept unchanged her deficit forecast of 16.3% of GDP for this year, which already factors in a greater than previously announced spending cut.

About 1.5 million Saudis are employed in the government sector, according to official figures released in December.

In 2018, Saudi Arabia's King Salman ordered a monthly payment of 1,000 riyals ($267) to every state employee to compensate them for the rising living costs after the government hiked domestic gas prices and introduced value-added tax.

DIFFICULT TIMES

A committee has been formed to study all financial benefits paid to public sector employees and contractors, and will submit recommendations within 30 days, the statement said.

In late 2015, when oil prices fell from record highs, the kingdom slashed lavish bonuses, overtime payments and other benefits once considered routine perks in the public sector.

In a country without elections and with political legitimacy resting partly on distribution of oil revenue, the ability of citizens to adapt to such reforms is crucial for stability.

"Tripling the VAT will test the limits of the balance between revenues and consumption as the economy dives into a deep recession. The move will impact consumption and could also lower the expected revenues," said John Sfakianakis, a Gulf expert at the University of Cambridge.

"These are pro-austerity and pro-revenue moves rather than pro-growth ones," he said.

Hasnain Malik, head of equity strategy at Tellimer, said the VAT rise could bring about $24-$26.5 billion in additional non-oil fiscal revenue. The rise would hit consumer spending further but was a needed step towards fiscal sustainability, he said.

Jul 2: Cricket's biggest names, most of whom could hear only stories of Sir Everton Weekes' exploits from the bygone era, on Thursday remembered the "great" batsman and a "greater human being" in glowing tributes after he died aged 95.

Weekes, who formed the famous three 'Ws' of West Indies cricket alongside Clyde Walcott and Frank Worrell as part of a formidable batting lineup for more than a decade, died on Wednesday.

His death left the cricket world in a state of mourning.

"As one of the remarkable 'Three Ws', along with Sir Clyde Walcott and Sir Frank Worrell, who together struck 39 Test centuries, he played an important hand in a period that marked the rising dominance of West Indies cricket," the ICC said in its obit.

The 1925 Barbados-born Weekes made his Test debut against England in 1948.

"On behalf of CWI I want to publicly express our deepest sympathy to the family of this remarkable Iconic sportsman and gentleman, who passed away earlier today," Cricket West Indies president Ricky Skerritt said in a release.

"I never had the opportunity to see Sir Everton bat, but I had the opportunity to get to know him a little in his later years. I learned about his incredible career by reading about him and looking at old videos when I could.

"His performance stats were excellent as he set tremendously high standards for his time."

In his career, Weekes played 48 Test matches and made 4,455 runs at an average of 58.61 per innings. That included a world-record five consecutive centuries in 1948 — scores of 141 against England in Jamaica, followed by knocks of 128, 194, 162 and 101 in India. In his next innings in Madras, he made 90 when he was controversially run out.

Skerritt added, "... Sir Everton was, therefore, a most amazing pioneer in West Indies cricket; a gentleman and quite simply a wonderful human being."

The modern-day cricketers also mourned his death and paid moving tributes.

Former India captain Anil Kumble tweeted, "Saddened to hear about the passing of WI legend Sir. Everton Weekes. Had met him during the ICC conference in Barbados. He remembered a conversation we had during his time as a match referee. Condolences to his family and friends."

Kumble's former India teammate VVS Laxman wrote, "Heard about the passing away of West Indies legend, Sir Everton Weekes. He was one of the greats of the game. My condolences to his family and loved ones."

Mike Atherton, the opener who led England in the 1990s, was also disappointed to know of the legend's passing away.

"Very sad to learn of the passing of Sir Everton Weekes. A humble man who wore his greatness lightly."

Former West Indies pacer Ian Bishop said, "I had the great privilege of spending time in the company of Sir Everton on several occasions over the past 2 decades. Never once did I leave his presence without feeling a sense (of) warmth, cheerfulness & having learnt something rich & endearing each time. A truly great human being. The Marylebone Cricket Club said in a statement: "Everyone at MCC and Lord's are saddened at the news of Sir Everton Weekes' passing,"

"He will forever be remembered as one of the West Indies' finest cricketers."

Former India player and current coach Ravi Shastri said, "Saddened by passing away of Sir Everton Weekes who was the last of the famous 'Three Ws'. A true humble great of the game. My thoughts and prayers are with Sir Weekes' family and fans in this hour of grief. RIP Sir Folded hands."

All three -- Walcott and Worrell, Weekes -- were born within a couple of miles of one another - within 18 months in Barbados between August 1924 and January 1926, and all made their Test debuts within three weeks in early 1948.

Worrell died in 1967 and Walcott in 2006.

Weekes' average of 58.61 runs places him along with George Headley in the top 10 Test averages of all time.

Darren Sammy, who captained West Indies few years ago, took to Twitter and wrote, "We lost a legend today. Sir Everton Weekes is part of @windiescricket great history and legacy. He also was a great human being. Condolences goes out to his family. May he Rest In Peace."

Mumbai, Mar 8: Shikhar Dhawan, Hardik Pandya and Bhuvneshwar Kumar returned to India's ODI squad as the Board of Control for Cricket in India (BCCI) announced the team for the upcoming South Africa series.

South Africa are scheduled to tour India for a three-match ODI series, starting from March 12.

India's ODI squad: Shikhar Dhawan, Prithvi Shaw, Virat Kohli (C ), KL Rahul, Manish Pandey, Shreyas Iyer, Rishabh Pant, Hardik Pandya, Ravindra Jadeja, Bhuvneshwar Kumar, Yuzvendra Chahal, Jasprit Bumrah, Navdeep Saini, Kuldeep Yadav, Shubman Gill.

Cricket South Africa (CSA) have already announced their squad for the series and spinner George Linde was given maiden ODI call-up.

South Africa squad: Quinton de Kock (c, wk), Temba Bavuma, Rassie van der Dussen, Faf du Plessis, Kyle Verreynne, Heinrich Klaasen, David Miller, Jon-Jon Smuts, Andile Phehlukwayo, Lungi Ngidi, Lutho Sipamla, Beuran Hendricks, Anrich Nortje, George Linde, Keshav Maharaj, Janneman Malan.

The first ODI will be played in Dharamsala while the other two matches will be played in Lucknow and Kolkata on March 15 and 18, respectively.